Quick Verdict
Our review of CoinSwitch concludes that it is legal to use in India. Business Standard reported on 4 December 2023 that its operator, Bitcipher Labs LLP, was registered with FIU-IND for anti-money-laundering reporting.
Crypto reserve cover was 1.28x on 31 March 2026 in CoinSwitch’s own report, so keep only a trading balance there. User reviews are thin, and its rates come from a blog post, so confirm them in the app.
Key Takeaways
- We judge CoinSwitch legal in India based on a news report of its operator’s FIU-IND registration, which is not a license.
- Its own reserve report shows more held in reserve than users own, enough for a trading balance but not for savings.
- Its trade rates come from a blog post, and the fee to withdraw rupees shows only in the app.
- The coin list is long, but thin trading in small tokens can push your costs past the headline fee.
- Recent user reviews are few and mixed, while app ratings run high, so neither settles safety alone.
Pros
- Security: CoinSwitch says it is registered with FIU-IND for anti-money-laundering reporting and certified to ISO/IEC 27001:2022.
- Coins: CoinSwitch Pro listed 400+ cryptos for spot trading on 2 November 2026.
- Reserves: CoinSwitch’s sixth Proof of Reserves report puts crypto and rupee reserves combined at ₹2,360.33 crore against the ₹1,747.25 crore customers held on 31 March 2026, a ₹613.08 crore surplus.
- One KYC: CoinSwitch’s May 2026 Pro review says one PAN and Aadhaar KYC opens Pro, with 0% fees on API spot trades.
- Withdrawals: CoinSwitch’s October 2026 guide puts the daily INR withdrawal limit at ₹5,00,000, so check yours on the app’s withdrawal screen.
Cons
- Rates: The Pro rates come from a May 2026 blog post; check the app’s fee card.
- INR withdrawals: CoinSwitch’s guide lists a separate charge, so confirm its amount before you withdraw.
- Support: CoinSwitch uses in-app tickets rather than calls, so treat any call claiming to be its support as a risk.
- India only: CoinSwitch’s Terms Of Use, effective 10 September 2025, bar anyone living or physically outside India, the US included, from registering.
CoinSwitch Overview
| Parameter | Details |
|---|---|
| Exchange Name | CoinSwitch |
| Year Established | 2017 |
| Headquarters Location | Bengaluru, Karnataka, India |
| Regulatory Compliance | FIU-IND for anti-money-laundering reporting, ISO/IEC 27001:2022 certified |
| Available Cryptocurrencies | 400+ spot cryptocurrencies; 500+ futures contracts on CoinSwitch PRO |
| Fiat Currency Support | INR (Indian Rupee) |
| Native Token (if any) | None |
| Maker Fees | CoinSwitch PRO spot 0%; futures 0.024%; API spot trades 0%. Main app: no maker rate published |
| Taker Fees | CoinSwitch PRO spot 0.1%; futures 0.065% (BTC/ETH) and 0.075% (other contracts); API spot trades 0%. Main app: no taker rate published |
| KYC Required | Yes, before any deposit, trade or withdrawal: PAN, Aadhaar (via DigiLocker and OTP), liveness or selfie check and bank account verification |
| Deposit Methods | INR via UPI (instant), IMPS and NEFT; crypto deposits from other exchanges or wallets on supported networks |
| Withdrawal Methods | INR to your own verified bank account; ₹100 minimum and ₹5,00,000 a day maximum; a separate charge applies, but the amount is not published |
| Mobile App Availability | Android (Google Play) and iOS (App Store); CoinSwitch PRO also on desktop web at pro.coinswitch.co |
| Support Channels | Email ([email protected]), “Raise a Ticket” form, help centre and social media |
| Support Availability | 24/7 |
Introduction
CoinSwitch was founded in 2017, at Bengaluru. Its group has traded under the umbrella brand PeepalCo since December 2023. The original pitch was simple: compare rates across multiple exchanges from one interface instead of jumping between apps. The India-focused product that grew out of that idea (first branded CoinSwitch Kuber, later simplified to just CoinSwitch) is what most people mean today when they say “CoinSwitch.”
CoinSwitch announced DigiVault, a custody service for high-net-worth individuals (HNIs), family offices, institutions and Web3 firms, on 17 March 2026. Business Standard reported that the Enforcement Directorate searched CoinSwitch Kuber’s offices in August 2022 over alleged breaches of the Foreign Exchange Management Act (FEMA). Scale alone doesn’t answer the legal or safety question, though, and crypto’s legal status in India has shifted more than once.
Is CoinSwitch Safe?
CoinSwitch is safe enough for a trading balance because its registration and custody evidence hold up as far as they go.
Regulatory Compliance
You sign up with Bitcipher Labs LLP, the operator named in CoinSwitch’s terms of use, effective 10 September 2025. Business Standard reported on 4 December 2023 that the Finance Ministry listed it among crypto firms registered with the Financial Intelligence Unit-India (FIU-IND) for anti-money-laundering reporting. The paper also reported the ministry saying in March 2023 that exchanges would be “reporting entities” under the anti-money-laundering law.
Ashish Singhal, CoinSwitch’s co-founder, put it this way in a 2025 interview:
“The mandatory FIU registration has been a significant milestone in legitimizing the crypto sector in India.” — Ashish Singhal, Co-Founder, CoinSwitch (also Group CEO, PeepalCo), Analytics Insight, 2025
Worth flagging: that’s a founder’s assessment of his own company’s compliance milestone, not an independent regulator’s statement.
Security Infrastructure
CoinSwitch says, on its safety page last updated 20 May 2025, that global institutions keep users’ crypto in custodial wallets that use Multi-Party Computation. It puts over 95% of user assets in cold wallets and under 5% in hot wallets or third-party exchanges. The combined totals are in the Pros list. CoinSwitch’s sixth Proof of Reserves report also puts its crypto-only reserve cover (₹2,140.58 crore against ₹1,673.41 crore) at 1.28x on 31 March 2026. CoinSwitch says the review followed ICAI standard SRS 4400. No reported security breach at today’s CoinSwitch app was found in the sources searched and read on 3 November 2026. TokenPost did report a temporary service disruption that CoinSwitch said it had fixed by 30 October 2026, blaming a traffic spike and saying customer funds remained safe. Check your own balance in the app, and keep only a trading balance you could afford to lose.
One exposure sits outside the cold-wallet figure. CoinSwitch’s operator, Bitcipher, had assets worth ₹59.34 crore on WazirX, valued at 27 August 2024, when WazirX froze withdrawals after its July 2024 hack. On 7 October 2025, the Bombay High Court dismissed Zanmai Labs’ appeal against an arbitral order that protects CoinSwitch’s claim on those assets. We found no report that the assets have been returned.
Reputation and User Feedback
CoinSwitch’s Trustpilot and App Store ratings disagree, and neither one alone tells you whether to keep your money in the app. Trustpilot showed coinswitch.co at a TrustScore of 1.2 from 779 reviews on 2 November 2026. Only 6 came in the 12 months to that date, so a score built over years says little about today’s app.
Apple’s App Store (India) showed CoinSwitch at 4.5 out of 5 from 62k ratings on 2 November 2026. These ratings can be star taps without any text, so they say little about withdrawals or custody. Read both signals together rather than picking whichever one confirms what you already expected.
Supported Cryptocurrencies
CoinSwitch Pro lists 400+ spot cryptos, but liquidity can thin out on the small ones. Thin order books on low-volume tokens can widen your effective spread well past what the headline fee suggests. If you’re buying anything outside the top handful of coins by market cap, check the app for delisting notices before you commit to a position you plan to hold long-term.
Account Types and Limits
One KYC opens spot, SIP and Pro: CoinSwitch’s May 2026 Pro review ties Pro to the main app’s KYC. All of these sit under one account rather than requiring separate sign-ups, which matters if you start on spot trading and later want to try Pro or SIP. DigiVault, for large holders, is separate.
CoinSwitch’s October 2026 guide sets INR withdrawals at:
- Minimum: ₹100.
- Maximum: ₹5,00,000 a day.
- Charge: separate, and the bank transfer may take a few hours to a few business days.
CoinSwitch tells you to check your own limit on the withdrawal screen. Coins sent to Pro from elsewhere need proof of ownership and extra verification, so check how to withdraw them before you send any.
CoinSwitch Fees
CoinSwitch’s own figures put Pro spot trading at 0% maker and 0.1% taker. Some third-party trackers list 0.065% maker and 0.024% taker for spot, but that is CoinSwitch’s BTC and ETH futures pair with the sides swapped. The rates come from its Pro review blog post, updated 19 May 2026, so confirm them on the app’s fee card.
As an illustrative example, a ₹1,00,000 market buy at the 0.1% taker rate costs ₹100 in trading fee before any tax. Run the same sum on your own order size with our guide to how exchange fees work.
| EXCHANGE | SPOT FEE (MAKER / TAKER) | FUTURES FEE (MAKER / TAKER) | SOURCE AND DATE |
|---|---|---|---|
| CoinSwitch Pro | 0% / 0.1%; API trades 0% / 0% | BTC/ETH 0.024% / 0.065%; others 0.024% / 0.075% | CoinSwitch blog post, as of 19 May 2026 |
| CoinDCX (Regular 1) | 0.50% / 0.50% on INR pairs | 0.02% / 0.05% USDT-margined | CoinDCX fee page, as of 2 November 2026 |
| WazirX | Unverified | 0.02% / 0.04% | WazirX launch statement, Business Today, as of 13 May 2026 |
CoinDCX’s rates are before 18% GST, and most move with your 30-day volume; WazirX’s rate may have changed since launch. WazirX itself restarted on 24 October 2025, after its 2024 hack and a Singapore court-approved restructuring.
On spot, CoinSwitch’s published taker rate is a fifth of CoinDCX’s base-level rate; on futures, the three sit within a few hundredths of a percentage point. Check the app’s fee card against your own trade history before you move funds.
Tax on Crypto in India
The trading fee is the smaller bill. India taxes crypto gains at a flat 30% and withholds 1% TDS on transfers, and Budget 2026 kept both. Losses cannot be set off against other income. From 1 April 2026, new penalties apply: ₹200 a day for failing to file a required statement and ₹50,000 for incorrect disclosures. On the ₹1,00,000 example above, 1% TDS on a sale would be ₹1,000, ten times the taker fee. Confirm the rules for your own case with a tax adviser.
CoinSwitch Features and Products
CoinSwitch adds automation, futures, and options to spot trading. Crypto SIP lets users automate recurring purchases the way they’d automate a mutual fund investment. On Pro, TradingView integration brings in proper charting for anyone doing technical analysis, and API access opens the door to automated or algorithmic trading for more advanced users.
Pro also offered 500+ futures contracts as of 2 November 2026. Its options settle in INR, expire daily to quarterly and trade from ₹90. Both carry leverage and expiry risk: read our spot vs margin guide for better understanding.
Customer Support
CoinSwitch handles support in writing; expect to follow up. General questions go to [email protected], listed on its Pro page. CoinSwitch also points users to in-app tickets in a 12 February 2026 security post. The Pro page and the security post do not say how fast you’ll hear back.
Treat anyone calling in CoinSwitch’s name as a risk.
How to Use CoinSwitch: Step-by-Step Guide
Sign up, complete KYC, add rupees by UPI or bank transfer, secure the account, then trade. The KYC-first order is CoinSwitch’s, from its May 2026 Pro review; securing the account before any large deposit is our advice.
- Sign up: Download the app and create an account.
- KYC and funding: Verify with PAN and Aadhaar, and add INR by UPI, listed as instant, or by IMPS or NEFT.
- Security: Before a large deposit, turn on what the post advises for Pro users: Google Authenticator 2FA, a withdrawal whitelist and an anti-phishing code.
- First trade: Place a spot order, or set up a SIP for recurring buys.
Main-app KYC comes first and opens Pro automatically once verified.
Who Is CoinSwitch Best For?
CoinSwitch suits an Indian trader who wants spot, SIP buys and futures in one INR app. Its long coin list helps if you chase smaller tokens, once you check liquidity and delisting notices. If you’re new, read our crypto trading for beginners guide first.
It is a weaker fit if you trade outside India, want a stated withdrawal charge before funding, or prefer comparing fee pages with volume tiers.
Final Verdict
CoinSwitch is legal in India and safe enough for a trading balance. Its operator’s anti-money-laundering registration with FIU-IND, reported in December 2023, is not a license. Legality isn’t really in question once you look at the paperwork; the harder call is whether CoinSwitch’s rough edges matter to you specifically.
Its fees and withdrawal charge need checking in the app, and its user reviews are thin and mixed. You may have have to trade off some transparency for CoinSwitch’s broader coin selection and bundled product stack.
The legal status and fees in this CoinSwitch review are as of 2 November 2026, so check current terms with CoinSwitch before trading.
Frequently Asked Questions
1. Is CoinSwitch legal in India?
Yes, CoinSwitch is legal to use in India: the Finance Ministry listed its operator, Bitcipher Labs LLP, as registered with FIU-IND for anti-money-laundering reporting in December 2023. This registration is a reporting duty under India’s anti-money-laundering law.
2. Is CoinSwitch safe to use?
CoinSwitch is safe enough for a trading balance. It says it holds ISO/IEC 27001:2022 certification, and its sixth Proof of Reserves report shows reserves above customer holdings on 31 March 2026. Those figures hold for one date, and recent Trustpilot reviews are too few to judge today’s app. Hold only what you trade there.
3. Can I withdraw money from CoinSwitch?
Yes: CoinSwitch’s own guide sets INR withdrawals at a ₹100 minimum and a ₹5,00,000 daily maximum as of October 2026. A separate charge applies, and the bank transfer can take a few hours to a few business days. Check your own limit and the charge on the app’s withdrawal screen before a large withdrawal.
4. How much does CoinSwitch charge in fees?
CoinSwitch’s trading fees on a standard Pro spot trade are 0% maker and 0.1% taker, as its 19 May 2026 Pro review post lists them. The same post gives its futures rates, shown in the Fees table, and 0% on API spot trades. Confirm the 0.1% taker rate on the app’s fee card before you trade.
5. Is CoinSwitch good for beginners?
Reasonably, yes: one PAN and Aadhaar KYC opens spot, SIP and Pro, and a SIP automates recurring buys. The catch is that its rates are in a blog post, which a newer trader is the least likely to check against the app’s fee card.
6. Is CoinSwitch better than CoinDCX?
Neither suits every trader, so pick based on the products you use. CoinSwitch’s Pro spot taker rate is 0.1% as per its 19 May 2026 post, against 0.50% before 18% GST on CoinDCX’s base-level INR pairs. Lean toward CoinSwitch for the bundled INR app, and to CoinDCX for a fee page with volume tiers. Weigh the CoinSwitch vs CoinDCX choice against your own trade history in our CoinDCX exchange review.
7. Is CoinSwitch available outside India?
No, CoinSwitch serves users in India only. Its ‘Terms of Use’ say that a user who resides or is physically outside India shall not register during that period. This bar includes the US, and a trader abroad needs an exchange that serves their own country.
Our Review Methodology
At Tradelize, we follow strict editorial standards to ensure all content is accurate, unbiased, and thoroughly researched. Our reviews, guides, and articles are fact-checked by a team of experienced cryptocurrency and finance professionals, and are not influenced by advertisers or affiliate relationships. Our Trust Score methodology combines direct data scraping from official broker, exchange, and wallet websites with sentiment analysis of up to 1000 verified user reviews. This dual-source approach enables us to objectively evaluate platform features, fees, regulations, security, and customer satisfaction. We then compile comprehensive, specification-based reviews that reflect both technical details and real user experience.
Disclaimer
Trading cryptocurrencies, forex, CFDs, and other derivatives involves significant risk and may not be suitable for all investors. Leverage can amplify both gains and losses. Past performance is not indicative of future results. The content on Tradelize is for informational purposes only and does not constitute financial or investment advice. Always seek professional guidance before making financial decisions. For full risk disclosures, click here.
